2010 Rhode Island Code
Title 44 Taxation
CHAPTER 44-61 Relating To Depreciation of Assets and Net Operating Loss Deduction
§ 44-61-1.1 Expensing in lieu of depreciation of assets.
§ 44-61-1.1 Expensing in lieu of depreciation of assets. – (a) For purposes of expensing of assets under chapters 11, 14 and 30 of this title, the expense deduction shall not exceed twenty-five thousand dollars ($25,000) in any taxable year. The additional expensing of assets for federal tax purposes under § 179 of the Internal Revenue Code, 26 U.S.C. § 179, provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003 or any subsequent federal enactment shall not be allowed for Rhode Island tax purposes. In the year that those assets are placed in service and in all subsequent years, expenses and depreciation for Rhode Island tax purposes shall be allowed on those assets as it would have been computed prior to the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003.
(b) The gain resulting from any subsequent disposition of these assets shall be computed using a basis consistent with the Rhode Island expenses and depreciation allowed under subsection (a) of this section.
History of Section.
(P.L. 2003, ch. 376, art. 7, § 4; P.L. 2008, ch. 14, § 1.)
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